Northern Rock bailed out by Bank of England

****NORTHERN ROCK ARE MY FAVOURITE BANK!****

Yes they are!!! and why because they sent me my money again this morning!!!!! Whooohooo - now beat that interest rate anyone - doubled my money!!!

Ok Ok before everyone gets on their high moral ground -I rang them & told them - it was great while it lasted though!!!

ninsaga
 
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oh - complete. :). Takes time.
History for the concerned:
sat 15th 3 am - closed demand online demand account to nominated BOI account. Same day electronic transter.
mon 17th - Online statement says "electronic payment sent to you bank". Interest added, tax deducted. NOT charged 25 quid for "same day" transfer.
thur 20th - money now in BOI account.

I am annoyed with myself for letting this worry me so much but I am glad I did what I did. It was a joint savings account, not a punt on the stock exchange. It took a LONG time to earn this money.
 
ninsaga said:
****NORTHERN ROCK ARE MY FAVOURITE BANK!****

Yes they are!!! and why because they sent me my money again this morning!!!!! Whooohooo - now beat that interest rate anyone - doubled my money!!!

Ok Ok before everyone gets on their high moral ground -I rang them & told them - it was great while it lasted though!!!

ninsaga
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I'm in the same boat...got my money twice from them it seems! How do I send it back to them?
 
Having posted the first two posts in this thread on Thursday 13th September at 21:00 hrs, I logged straight onto the NR website and withdrew almost all of my savings using the normal 3-4 days transfer mechanism.

The money has today (Thursday September 20) appeared in my BOI account.

Sim
 
Squonk said:
I'm in the same boat...got my money twice from them it seems! How do I send it back to them?
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I choose to call them (got through straight away!). If I sent it back it would have probably shown as a balance in my NR account.

They took my details & will ring me back to go through the next steps.

ninsaga
 
http://www.rte.ie/business/2007/0920/northernrock.html

Shares in UK lender Northern Rock took a fresh hit this morning, tumbling more than 30% on renewed concerns over its future. The falls also came as the British government said its guarantees for savers would not cover new accounts.

Analysts revived talk that Britain's fifth-largest mortgage lender, seen as a likely takeover target since being engulfed by a funding and customer confidence crisis on Friday, may struggle to attract a buyer. Late on Wednesday, Standard & Poor's downgraded the bank's rating to A- from A, with a negative outlook.

'Since it will be extremely difficult for Northern Rock to rebuild its franchise, we expect that it will effectively begin to wind down in an orderly manner if it is not acquired in the near future,' Standard & Poor's analyst Richard Barnes said. This morning, Britain's Treasury said in a statement that its proposed safety net would not cover new accounts at Northern Rock. It confirmed the guarantee would cover all Northern Rock accounts existing at midnight on Wednesday, September 19 and re-opened accounts.

Northern Rock has been struggling with rising borrowing costs since the credit crunch dried up its main source of funding - the wholesale markets. It sparked a run on deposits last week, however, when the Bank of England was forced to step in with an emergency funding facility.
 
ninsaga said:
I choose to call them (got through straight away!). If I sent it back it would have probably shown as a balance in my NR account.

They took my details & will ring me back to go through the next steps.

ninsaga
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I contacted them also this morning. They told me that what they are saying to customers is that they should either send a cheque back to them for the amount or alternatively do a Electronic Transfer.

I'm inclined to sit and wait because if this double transfer has happened on a large scale, NR will arrange to have the incorrect amount taken back electronically.

I definitely don't want to end up back at square one with my money back in NR.
 
My current account was credited twice also - I rang the NR number and got through to a chap in Newcastle - he told me to go into NR''s Dublin office ! It's all turning into a bit of a shambles imho
 
I transferred most of the money out of my NR account on Saturday, and it arrived into my current account today.

As mentioned already, there are at least two serious things to consider here. One is whether NR are a safe bank in which to keep your money - the answer to that question is very subjective, and views vary from one end of the scale to the other. The other is whether you feel you can access your money should you need to - the answer to that question depends on your view of the online service (and phone/branch services) over the last few days.

Personally, I chose to withdraw most of my money, and subsequently close my account, because I have been appalled at the unreliability of the online service. It is almost 7 days since I first started trying to access my account, and while I have been able to login intermittently since Saturday, I am having even less success today than I have been having in the last few days. For me, that is too long to wait for a service to improve and to have it degrade even further (without any notice on their website, that I can see, about the system being unavailable for emergency maintenance, etc) is just taking the ****.

Whether the bank itself is stable or not, I have no faith in their online service, and therefore I'll put my money somewhere that I feel I will have access to it as and when necessary.
 
Rang NR this morning, got through in less than a minute. My transaction is still 'pending'. Was told that i should allow up to 5 days for it to leave my NR account!!! I will continue to be paid interest until it actually leaves my NR account. Seeing it'll surely take 3-4 working days for the money to hit my current account I'm surely looking at about 2 weeks for an electronic transfer
 
askew70 said:
Whether the bank itself is stable or not, I have no faith in their online service, and therefore I'll put my money somewhere that I feel I will have access to it as and when necessary.
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Pretty much my thoughts too. Internet banking has failed its first big test, surely systems upgardes will have to follow after this debacle?
 
Godfather said:
From skynews:
"And the Government appears to have compounded the bank's problems by saying its guarantees will not cover new accounts."

Link:
http://news.sky.com/skynews/article/0,,30400-1284956,00.html

What does the sentence above mean sorry????:eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek:
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It means:

"it confirmed the guarantee would cover all Northern Rock accounts existing at midnight on Wednesday and reopened accounts"

So any new accounts opened since this time are not covered.

Note my updated timeline:
Sat 3AM: initiated same-day wire transfer
Thu Morning: Cash in BOI.
Thu Afternoon: Distribute out of BOI.
Fri Night: Celebrate and reflect: things will not be the same again for a very long time
 
Godfather said:
From skynews:
"And the Government appears to have compounded the bank's problems by saying its guarantees will not cover new accounts."

Link:
http://news.sky.com/skynews/article/0,,30400-1284956,00.html

What does the sentence above mean sorry????:eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek:
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From the RTE link provided above;

It confirmed the guarantee would cover all Northern Rock accounts existing at midnight on Wednesday, September 19 and re-opened accounts.

i.e. if you're not already a Northern Rock customer & you open an account with them today, next week... you'll only be covered by the standard UK deposit protection.
 
Jethro Tull said:
Pretty much my thoughts too. Internet banking has failed its first big test, surely systems upgardes will have to follow after this debacle?
Click to expand...

I don't agree that this mess is a reflection on Internet banking as a whole. Personally I think that NR's online service simply was just never up to the task.

I continue to hope that other banks have implemented proper services/systems which would function far better should they ever find themselves in this situation. For the customer facing aspects of online banking systems (the process of logging in, basically) I have always been more impressed with the services of other banks than that of NR, and that makes me optimistic that their systems are better overall too.
 
This is disgusting. I keep calling them for news and they keep filling the form telling me that they'll call back and they don't do that.:(
 
Remix said:
things will not be the same again for a very long time
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You're right there.

By the way, Merve 'the swerve' King said to the treasury select committee that the rational response to the news the NR had sought emergency funding was to take you money out. He cited the limited depositor protection and the length of insolvency proceedings as the reasons. Now, where's that smug emoticon...
 
askew70 said:
I don't agree that this mess is a reflection on Internet banking as a whole. Personally I think that NR's online service simply was just never up to the task.

I continue to hope that other banks have implemented proper services/systems which would function far better should they ever find themselves in this situation. For the customer facing aspects of online banking systems (the process of logging in, basically) I have always been more impressed with the services of other banks than that of NR, and that makes me optimistic that their systems are better overall too.
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Exactly my sentiments. Their website has consistently been the slowest of any I know and it's continued non ability to cope with the increased traffic has turned into a debacle that has contributed heavily to the growing panic as the days went by. After having been conveniently "locked" out of my account as have others for "alleged" incorrect password entries over the weekend, I have just today received my new one per snail mail and guess what? ... website still can't handle my logons ...been trying continuously for hours with IE & FFox simultaneously and continuously refreshing logons etc etc. ...Bye Bye NR!!!
 
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